In a landmark operation, the United States and the United Kingdom have launched sweeping sanctions and asset seizures targeting the Prince Group, a Cambodia-based conglomerate accused of orchestrating a vast transnational criminal empire. The coordinated actions, announced on October 14, 2025, have led to the indictment of its chairman, Chen Zhi, and the forfeiture of approximately $15 billion worth of Bitcoin, marking one of the largest such seizures in U.S. history.
The Allegations Unveiled: Forced Labor and Global Scams
At the heart of the crackdown are serious allegations of forced labor, human trafficking, torture, and large-scale cryptocurrency fraud schemes, often referred to as “pig butchering” scams. U.S. prosecutors allege that Chen Zhi, also known as “Vincent,” led a network that operated scam compounds across Cambodia. Within these compounds, trafficked individuals were reportedly held against their will, subjected to brutal conditions, and compelled to execute fraudulent investment schemes that defrauded victims worldwide, including in the United States. These operations are estimated to have generated daily revenues potentially reaching $30 million.
A Global Network Rooted in Deception
The Prince Group, which publicly presents itself as a multinational business conglomerate focused on real estate development, financial services, and consumer services, is accused of secretly growing into one of Asia’s largest transnational criminal organizations since approximately 2015. Authorities have identified a complex web of over 100 affiliated companies, many of which are offshore shell and holding companies with no apparent legitimate commercial activity. These entities were allegedly used to launder illicit proceeds and obscure the origins of billions of dollars. While specific Caribbean tax havens were mentioned in initial reports, the research highlights extensive operations and shell companies in jurisdictions including Hong Kong, Singapore, Taiwan, Laos, and Palau. The group also allegedly used political influence and bribed public officials in multiple countries to protect its criminal enterprise.
The Financial Crackdown: Unprecedented Seizures and Sanctions
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the Prince Group as a Transnational Criminal Organization (TCO) and imposed sanctions on 146 targets, including Chen Zhi and numerous associated individuals and businesses. Concurrently, the U.S. Department of Justice unsealed an indictment charging Chen Zhi with wire fraud and money laundering conspiracy. The most significant consequence of this action is the civil forfeiture complaint that seized approximately 127,271 Bitcoin, valued at around $15 billion, which are believed to be the proceeds of the alleged criminal schemes. This forfeiture represents the largest in the history of the Department of Justice. The United Kingdom also imposed sanctions, freezing significant assets, including high-value real estate in London linked to Chen Zhi and his associates. Furthermore, the Financial Crimes Enforcement Network (FinCEN) has severed the Cambodia-based financial services conglomerate, Huione Group, from the U.S. financial system, identifying it as a primary money laundering concern.
Fallout and Repercussions for the Business World
The imposition of sanctions has sent shockwaves through the financial sector. Prince Bank Plc, a prominent financial institution linked to the Prince Group, experienced a bank run as customers rushed to withdraw funds amid fears of losing their savings. The bank’s mobile app and website temporarily went offline, sparking further customer panic, although the bank later stated that operations were functioning normally. The CEO of Prince Bank, Looi Kok Soon, has resigned amid the unfolding scandal and sanctions. The case has also prompted authorities in Singapore to review financial ties and tax incentives related to entities associated with Chen Zhi, highlighting the global reach of the alleged criminal network and its impact on international business and financial news.
This extensive operation signals a significant global effort to dismantle sophisticated cybercrime syndicates that exploit vulnerable populations and leverage complex financial structures, including virtual assets and shell companies in various jurisdictions, to launder billions of dollars. The coordinated news from the U.S. and U.K. serves as a stark warning to those involved in illicit transnational business activities.